True Value 2008 Annual Report Download - page 30

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2008 FINAN CIA L REP OR T :: 9
report of independent auditors
TO THE BOARD OF DIRECTORS AND MEMBERS OF TRUE VALUE COMPANY:
In our opinion, the accompanying consolidated balance sheets
and the related consolidated statements of operations, cash flows
and members’ equity present fairly, in all material respects, the
financial position of True Value Company and its subsidi aries at
January 3, 2009 and December 29, 2007, and the results of their
operations and their cash flows for each of the three years in
the period ended January 3, 2009 in conformity with accounting
principles generally accepted in the United States of America.
These financial statements are the responsibility of the Com-
pany’s management. Our responsibility is to express an opinion
on these financial statements based on our audits. We conducted
our audits of these statements in accordance with auditing stan-
dards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used
and significant estimates made by management, and evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
As discussed in Note 1 to the consolidated financial statements,
the Company changed the manner in which it accounts for uncer-
tain tax positions as of December 30, 2007.
As discussed in Note 11 to the consolidated financial statements,
the Company changed the manner in which it accounts for defined
benefit retirement plans as of December 30, 2006.
PricewaterhouseCoopers LLP
Chicago, Illinois
March 6, 2009